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What does an actuary do all day?

Actuaries work for insurance companies, in the areas of life, healthcare and property/casualty insurance. Using statistics, modeling software and formulas, actuaries analyze the financial costs of risk and help companies develop strategies to minimize that risk and reduce costs. An actuary specializing in auto insurance, for example, will analyze data related to a driver’s age, sex, driving history and car to help set policy rates.

What kind of cash are we talking about here?

This is a field that pays very well. The median pay for an actuary nationally was $87,650 in 2010. Experienced actuaries can earn more than $100,000.

What do you have to do to get this job?

First comes a bachelor’s degree — usually in mathematics, actuarial science, business or statistics. After graduation, an actuary will spend four to six years working toward associate certification, and then another two years earning fellowship certification status. These certifications require hundreds of hours of study to pass an exam given by one of two actuarial societies.

OK, tell me the bad part.

The amount of time and effort required to become a certified actuary — six to eight years after college, plus continuing education after earning certification — is daunting! The initial three-hour certification course requires about 300 hours of studying.

What’s the upside?

It’s an extremely well-paying field that’s expected to grow quite a bit in the next 10 years.